Charity no: 280455
THE ST JAMES'S TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
THE ST JAMES'S TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2-3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7-11 |
THE ST JAMES'S TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Charity number | 280455 |
|---|---|
| Date of trust | 10 June 1980 |
| Trustees | Mrs Jane Wells |
| Mrs Cathy Ingram | |
| Ms Francesca Unsworth | |
| Registered Office | 9 Bonhill Street |
| London | |
| EC2A 4DJ | |
| Solicitors | Heydons |
| 23 Bentink Street | |
| London | |
| W1U 2EZ | |
| Auditors | Begbies Chartered Accountants |
| 9 Bonhill Street | |
| London | |
| EC2A 4DJ | |
| Investment managers | Nedbank Private Wealth |
| Millenium Bridge House | |
| 2 Lambeth Hill | |
| London | |
| EC4V 4GG | |
| UBS Financial Services | |
| 1285 Ave of Americas | |
| 15th, 16th, 17th, 18th & 20th Floors | |
| New York | |
| NY 10019 |
Page 1
FOR THE YEAR ENDED 5TH APRIL 2023
THE ST JAMES'S TRUST
ANNUAL REPORT OF THE TRUSTEES
The trustees present their annual report for the year ended 5th April 2023
Structure, governance and management
The trust was created by a deed dated 10 June 1980 as a trust exclusively for charitable purposes, 'charitable' meaning charitable according to UK law. The trust was registered with the Charity Commission on 22 September 1980, charity registration no. 280455. Trustees are appointed in accordance with the deed.
The trustees believe that the major risk to which the charity is exposed is volatility in the performance of its listed investments. The trustees manage this risk by holding diversified portfolios, denominated in both sterling and US dollars, and managed by experienced brokers
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit
Objectives and activities
The trust makes grants to charitable organisations that respond to areas of concern of which the trustees have particular knowledge. In the UK the main concerns are in the areas of health, education and social justice. In the USA the main areas are in education, community arts projects and raising awareness of crimes against humanity
The trustees personally make contact with beneficiary projects. They monitor and evaluate these projects not only by requiring sight of audited accounts and cash flows but also through their presence, and their discussions with project staff and clients. All available grants are made by the trustees through their personal involvement. They do not seek unsolicited applications for grants and, without paid staff, are unable to respond to such applications
Achievements and performance
26 donations were paid during the financial year, 9 in the USA and 17 in UK. These grants are itemised in note 10
Financial review and reserves policy
The income of the trust for the year decreased from £67k to £51k. Income has historically varied year on year, largely depending on the make up of the investment portfolio.
The market value of the investments held by the trust decreased during the year decreased from £2,417k to £2,147k. This was partly a result of disposals exceeding new investments, and partly a result of investment performance.
Page 2
THE ST JAMES'S TRUST
ANNUAL REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 5TH APRIL 2023
Unrealised losses arising as a result of investment revaluation were £168,302 (2022 losses £20,002) while realised losses on disposal were £51,553 (2022 gains £43,039); the losses realised in the year are consistent with general market expectations. The losses were offset to some extent by a foreign exchange gain of £64,606 (2022 gain £75,376) on translation of the trustees' US investments. The trustees are satisfied with the investment strategy and believe that the charity has sufficient reserves to continue to fund the current grant making policy for the forseeable future.
Statement of trustees' responsibilities
Law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the trust's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the trustees are required to:
-select suitable accounting policies and apply them consistently;
-make judgements and estimates that are reasonable and prudent;
-have due regard to any guidance published by the Charity Commission , in particular relatin to guidance on public benefit
-state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
This report was approved by the trustees on 5th March 2024 and signed on their behalf by
Jane Wells
Trustee
Page 3
THE ST JAMES'S TRUST
ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2023
INDEPENDENT EXAMINER'S REPORT
I report on the accounts of The St James's Trust for the year ended 5th April 2023, which are set out on pages 5 to 12.
Responsibilities and basis of report
As the charity Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
2) the accounts do not accord with those records; or
-
3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Andrew Brooker FCA
Begbies Chartered Accountants 9 Bonhill Street London EC2A 4DJ
Page 4
THE ST JAMES'S TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5TH APRIL 2023
| Income from: Investments Interest Total income Expenditure on: Raising funds Investment management fees Charitable activites Grants payable Other expenditure Professional fees Other costs Total expenditure Currency exchange gains / (losses) Exchange gain/(loss) on translation of investments Gain / (loss) on investment transactions Net income / (expenditure) Total funds brought forward Total funds carried forward |
Unrestricted fund 2023 £ 50,864 233 51,097 22,981 352,663 9,000 2,581 364,244 20,741 64,606 (219,855) (470,636) 2,712,591 2,241,955 |
Unrestricted fund 2022 £ 67,458 7 |
|---|---|---|
| 67,465 | ||
| 27,366 226,142 9,000 - |
||
| 235,142 | ||
| 8,296 75,376 23,037 |
||
| (88,335) 2,800,927 |
||
| 2,712,591 |
Page 5
THE ST JAMES'S TRUST
BALANCE SHEET
AS AT 5TH APRIL 2023
----- Start of picture text -----
2023 2022
£ £ £ £
Fixed assets
Investments 2,147,194 2,416,710
Current assets
Cash at bank 123,031 313,881
123,031 313,881
Creditors: falling due within one year (28,271) (18,000)
Net current assets 94,760 295,881
Net assets 2,241,955 2,712,591
Funds
Unrestricted funds 2,241,955 2,712,591
----- End of picture text -----
The financial statements were approved by the trustees on 5th March 2024
Jane Wells Trustee
Page 6
THE ST JAMES'S TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
1 Accounting policies
1.1 Accounting convention
The financial statements are prepared under the historic cost convention, except that investments held as fixed assets are carried at market value. In preparing these accounts the charity has followed best practice as set out in the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Accounting Practice
The financial statements are prepared on a going concern basis as the trustees believe the charity's substantial reserves means that no material uncertainties exist regarding the charity's ability to continue as a going concern
The financial statements are prepared in sterling and rounded to the nearest £
The charity constitutes a public benefit entity as defined by FRS 102
Cash flow
The fund qualifies as a small charity under the terms of the Charities Act 2011. As a consequence it is exempt from the requirement to publish a cash flow statement
1.2 Income
Income from listed investments is accounted for by reference to the date on which distributions are receivable. Interest is accounted for on an accruals basis
1.3
Expenditure
Expenditure is accounted for on an accruals basis. Grants are accounted for when an undertaking to pay the grant has been entered into during the financial year. General policy is that grants are paid as soon as possible after they are unconditionally committed to, and there are no accruals for grant commitments at the year end
1.4
Investments
Investments are included in the accounts at market value at the end of the financial year. Realised and unrealised gains and losses are credited or debited to the statement of financial activities in the year in which they arise.
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THE ST JAMES'S TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
1.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the average exchange rate for the year. All differences are taken to the SOFA.
1.6 Financial instruments
Aside from the accounting policy in respect of listed investments (see 1.4 above), the only financial instruments typically held by the charity are cash at bank or other basic financial instruments such as debtors and creditors receivable or payable in less than one year, which are carried at transaction price subject to provision for impairment
2 Taxation
The charity is a registered charity under the Charities Act 2011 and is not subject to taxation
3 Grants payable
| Grants payable | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| No | £ | No | £ | |||
| UK | 17 | 217,000 | 10 | 117,000 | ||
| USA | 9 | 135,663 | 11 | 109,142 | ||
| 352,663 | 226,142 |
Details of grants paid during the year are listed in note 10
4 Other charitable expenditure
| Accountancy fees Audit fees |
2023 £ 4,500 4,500 9,000 |
2022 £ 4,500 4,500 |
|---|---|---|
| 9,000 |
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THE ST JAMES'S TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
| 5 Gains / (losses) on investments Disposal proceeds Original purchase cost Unrealised gains to date Realised gains/(losses) for year Net gains/(losses) on revaluation at 5th April 2023 Gains / (losses) on investments Unrealised currency exchange gains / (losses) 6 Investments Market value at 6th April 2022 Additions at cost Disposals at carrying value Unrealised currency exchange gains/losses Net gains/(losses) on revaluation at 5th April 2022 Market value at 5th April 2023 Historic cost at 5th April 2023 UK investments US investments |
2023 £ 1,612,375 (1,417,126) (246,802) (51,553) (168,302) (219,855) 64,606 (155,249) 2023 £ 2,416,710 1,498,108 (1,663,928) 64,606 (168,302) 2,147,194 1,870,275 880,235 1,266,959 2,147,194 |
2022 £ 603,690 (451,598) (109,053) |
|---|---|---|
| 43,039 (20,002) |
||
| 23,037 75,376 |
||
| 98,413 | ||
| 2022 £ 2,699,028 222,959 (560,651) 75,376 (20,002) |
||
| 2,416,710 | ||
| 1,740,253 | ||
| 1,143,749 1,272,960 |
||
| 2,416,710 |
All of the above investments are held on a recognised stock exchange.
The following investments represent more than 5% of the portfolio at market value:
| The Growth Fund of America Vanguard Mega Cap Growth Invesco QQQ Trust Ishare Trust Core S&P Small-Cap ETF Ishare Trust Core S&P500 Fundsmith LLP |
2023 - 123,016 128,696 146,037 164,857 562,606 |
2022 121,124 - 137,397 151,925 176,590 122,460 |
|---|---|---|
| 709,497 |
Page 9
THE ST JAMES'S TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
6 Investments (continued)
The composition of the trust's investments at 5th April 2023 is as follows:
| Bonds / fixed interest Equities Alternatives / cash products 7 Reconciliation in movements in unrealised gains Unrealised gains/(losses) at 6th April 2022 Unrealised gains/(losses) in respect of disposals Unrealised gains/(losses) on foreign exchange Net gains on revaluation at 5th April 2023 Unrealised gains/(losses) at 5th April 2023 8 Creditors: amount falling due within one year Accrued professional fees 9 Grant commitments |
2023 £ 664,463 1,359,920 120,812 2,145,195 2023 £ 672,353 (246,802) 19,670 (168,302) 276,919 2023 £ 27,000 27,000 |
2022 £ 670,465 1,622,966 123,279 |
|---|---|---|
| 2,416,710 | ||
| 2022 £ 777,354 (109,053) 24,054 (20,002) |
||
| 672,353 | ||
| 2022 £ 18,000 |
||
| 18,000 | ||
All grants which the charity has unconditionally committed to were paid during the year. As a result no provision is carried in the accounts as at 5th April 2023 (2022 £nil)
Page 10
THE ST JAMES'S TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2023
10 Grants payable Grants made to institutions were as follows:
| Recipient Purpose of grant Three Generations Raising awareness of crimes against humanity The Tibet Fund Preserve cultural identity of Tibetan people Florence Buchanan Documentary film about tolerance Arlington Gardens Pioneer Projects The Merwin Conservancy Inspiring innovation in the arts The Sanar Institute Supports victims of interpersonal violence Four Way Books Non-profit literary organisation Mozart to Maputo Children's Programme in Mozambique Caris Islington Bereavement counselling Highbury Vale Blackstock Community centre Museum of Homelessness Social justice museum Park Theatre London theatre BAATN Black, African and Asian Therapy Network The King's Head Theatre London theatre Elizabeth House Marie Curie Hospice Hampshire St Joseph's Hospice Hackney British Youth Music Theatre Ukranian Association for Emotionally Focused Therapy |
2023 2022 £ £ 114,481 85,383 10,519 7,425 - 2,970 2,461 - 1,000 1,000 - 3,712 - 2,227 8,202 7,425 - 10,000 20,000 40,000 - 50,000 - 1,000 11,000 5,000 35,000 10,000 5,000 - 55,000 - 40,000 - 20,000 - 10,000 - 20,000 - |
|---|---|
| 352,663 226,142 |
11 Related party transactions
During the year donations totalling £114,481 (2022: £85,383) were made to 3 Generations. Jane Wells is the founder and Executive Director of this organisation
Page 11